Even though brand is important, but brand management is precisely more important. Brand management is an elucidation and planning on how that brand’s view in the market. Let’s take a look at some changes that have significantly complicated marketing practices.
Savvy consumer
From time to time, consumers and businesses have become more experienced especially when it comes to marketing either advertising. Consumer can easily get a lot of information especially from social media such as Facebook, Twitter, Instagram, YouTube, influential blogs, and website. They arere not easily influenced just by a billboard or an advertisement from a television. It is all about brand knowledge that we discussed before.
Economic Downturns
A global recession that commenced in 2008 threatened many companies. According to a research in 2009, they found interesting facts that around 18 percent consumers bought a lower-priced brand, while 46 percent switched to less expensive products with great experience, and 34 percent consumer no longer purchased the higher-priced brand. After the recession, the question is how the companies can survive or reverse their attitudes and behavior to the pre-recession?
Media Transformation
There is an important change that basically influences most of the marketing environment, it is the emergence of interactive and non-traditional media, promotion, etc. Somehow it affected the clutter and fragmentation in companies. Marketer switches their strategies into interactive digital media, event sponsorship, in-store advertising and product placement in movies.
After understanding most of the challenges, here are some steps to brand management to overcome it
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- Identifying and maintaining brand plans
How the brand represent and it positioned in the marketplace should be put in clear understanding. Great plans start from brilliant ideas which should be maintained to make the brand plans happen. - Creating and implementing marketing programs
Innovation is what brand needs for creating marketing programs. You need to implement your creation to know whether it is working according to the brand plans. - Measuring and interpreting brand performance
Successful design and implement a brand equity measurement is what manager should take a look for the further details. The systems involve three key steps – brand audits, brand tracking, and brand equity management system. - Developing and sustaining brand equity
Creating is just some part of making a brand, but to make the existence of brand equity last-longer need comprehensive development.
- Identifying and maintaining brand plans
